$MAXIS / 6012 (MAXIS BERHAD)
Research by MIDF
BUY – TP RM 4.17

"Enterprise Converged Revenue Grew at A Faster Pace”

• Upgrade to BUY with a higher target price of RM4.17 post the announcement on 2QFY24 results
• Better 2QFY24 service revenue of RM2.2b (+3.7%yoy), led by all segments except for the consumer prepaid segment
• Careful capital spending lends a hand to a stronger operating free cash flow
• More opportunity in the enterprise segment as the group seeking to strategically expand its offering

Analyst:
Foo Chuan Loong, Martin
martin.foo@midf.com.my